Using People Counting Metrics When Making Real Estate Decisions
So your retail business is doing well – sales and profits are up. Your enterprise has been growing steadily over the past few years, even during the recession.
You are seriously thinking about expanding. But where?
You are talking to commercial real estate brokers and construction groups. You are doing a lot of driving throughout the area – and you are on the phone and email consistently with your store managers in geographic areas you are looking at for expansion.
You are assembling more and more data and business intelligence to aid you in finding the location that best portends success.
A long-standing and important sector of information that business owners and management refer to when contemplating building and opening new stores is the local vehicle count, which is a tabulation and record of the number of cars traveling along roadways near a location you are evaluating for a possible store opening. Again, this information is important, and it is helpful. But what you really want to know is how many people in these cars are shopping at the malls and retail centers in the area you are considering.
More precise and valuable information for you than vehicle counts is the people counting metrics at those malls and retail centers. And not just levels of people counting need to be assessed – but also trends in the people counting. Has this traffic been growing, or has it been decreasing?
There are many other metrics within the data that can improve and strengthen the process of selecting a site.
ShopperTrak not only provides the people and foot traffic counting devices and technology, and the instruction and coaching on how to optimize best use of these tools – but we are also a guide and resource helping our clients around the world best interpret and make use of the data collected.
As well, we research, write, and publish studies, eBooks and reports that provide the most insightful, detailed and useful people counting and foot traffic information available today.
One of these publications – one that is used day in and day out by retailers and other businesses looking at grow and open new locations – is our Traffic Report, produced by our Business Analytics team.
The Traffic Report contains precise and accurate store traffic measurements for more than 200 mall properties across the United States.
To learn more about the importance of foot traffic data in building your business and developing new stores, please click here [link] to download a free eBook, Foot Traffic Trends: A Crucial Metric When Considering Expansion, by Sion Owen, Product Manager at ShopperTrak.